Star Group Announces Completion of Large Propane Acquisition
August 09 2023 - 9:03AM
Star Group, L.P. (the "Company" or "Star") (NYSE:SGU), a home
energy distributor and services provider, today announced it has
completed the purchase of a privately-held propane company for
approximately $18.4 million. The entity, with operations in Long
Island, will enhance the Company’s footprint across the area.
Additional terms were not disclosed.
About Star Group, L.P.
Star Group, L.P. is a full service provider
specializing in the sale of home heating products and services to
residential and commercial customers to heat their homes and
buildings. The Company also sells and services heating and air
conditioning equipment to its home heating oil and propane
customers and, to a lesser extent, provides these offerings to
customers outside of its home heating oil and propane customer
base. Star also sells diesel, gasoline, and home heating oil on a
delivery only basis. We believe Star is the nation's largest retail
distributor of home heating oil based upon sales volume. Including
its propane locations, Star serves customers in the more northern
and eastern states within the Northeast and Mid-Atlantic U.S.
regions. Additional information is available by obtaining the
Company's SEC filings at www.sec.gov and by visiting Star's website
at www.stargrouplp.com, where unit holders may request a hard copy
of Star’s complete audited financial statements free of charge.
Forward Looking InformationThis
news release includes "forward-looking statements" which represent
the Company’s expectations or beliefs concerning future events that
involve risks and uncertainties, including the impact of
geopolitical events, such as the war in the Ukraine, and its impact
on wholesale product cost volatility, the price and supply of the
products that we sell, our ability to purchase sufficient
quantities of product to meet our customer’s needs, rapid increases
in levels of inflation approaching 40-year highs, uncertain
economic conditions, the consumption patterns of our customers, our
ability to obtain satisfactory gross profit margins, the effect of
weather conditions on our financial performance, our ability to
obtain new customers and retain existing customers, our ability to
make strategic acquisitions, the impact of litigation, natural gas
conversions, the impact of the novel coronavirus, or COVID-19,
pandemic and future global health pandemics, on US and global
economies, future union relations and the outcome of current and
future union negotiations, the impact of current and future
governmental regulations, including climate change, environmental,
health, and safety regulations, the ability to attract and retain
employees, customer credit worthiness, counterparty credit
worthiness, marketing plans, cyber-attacks, increases in interest
rates, global supply chain issues, labor shortages and new
technology, including alternative methods for heating and cooling
residences. All statements other than statements of historical
facts included in this news release are forward-looking statements.
Without limiting the foregoing, the words "believe," "anticipate,"
"plan," "expect," "seek," "estimate" and similar expressions are
intended to identify forward-looking statements. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to be correct and actual results
may differ materially from those projected as a result of certain
risks and uncertainties. These risks and uncertainties include, but
are not limited to, those set forth under the heading "Risk
Factors" and "Business Strategy" in our Annual Report on Form 10-K
(the "Form 10-K") for the fiscal year ended September 30, 2022.
Important factors that could cause actual results to differ
materially from the Company’s expectations ("Cautionary
Statements") are disclosed in this news release and in the
Company’s Form 10-K and our Quarterly Reports on Form 10-Q. All
subsequent written and oral forward-looking statements attributable
to the Company or persons acting on its behalf are expressly
qualified in their entirety by the Cautionary Statements. Unless
otherwise required by law, the Company undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise after the
date of this news release.
CONTACT:Star Group, L.P.Investor Relations203/328-7310
Chris WittyDarrow Associates646/438-9385 or
cwitty@darrowir.com
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